Airfreight droops but profits rise at Expeditors

Seattle-based logistics company Expeditors International said its airfreight tonnage decreased 1% in the fourth quarter of 2015. However, overall financial growth was strong, despite the decrease and a 2% fall in ocean container volume, said senior vice-president and chief financial officer, Bradley Powell. 
President and chief executive officer Jeffrey Musser said that 2015 was the best year in the company’s history.
Earnings per share were up 20% to $0.61, net earnings increased 15% to $114m and operating income increased 13% to $178m.
Powell explained: “We generated these strong results even though both air and ocean volume growth softened in the latter part of the year, and average sell rates came under pressure. Despite those dynamics, our people proved adept at taking advantage of opportunistic buy rates to increase operating profit.”
Musser said that Expeditors had benefited in the first half of 2015 from the increase in airfreight during the US West Coast port strike.

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